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R K

Tsb Confirms £1.7Bn Takeover Move By Spain's Sabadell

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http://www.bbc.co.uk/news/business-31848517

TSB has confirmed it has received a £1.7bn takeover approach from Spanish bank Sabadell.

The approach to the UK bank comes less than a year after it rejoined the stock market after Lloyds Banking Group sold off 50% of the business.

TSB said its board was willing to recommend Sabadell's 340p-a-share offer.

It said that Sabadell could support and accelerate its "retail growth strategy".

TSB said if a takeover went ahead Sabadell would continue to "operate TSB as a robust competitor in the UK banking market, building on the TSB brand name".

Shares in TSB - the UK's seventh-biggest lender - soared by more than 25% after the announcement.

Sabadell's offer for TSB is 29% higher than its price at the close of business on Wednesday.

11:18: TSB bid

Lloyds has put out its own statement on the TSB deal. With a 50% stake, its opinions matter. Lloyds "would be minded to accept an offer at this price if it is made," it says. However, "there can be no guarantee that an offer will ultimately be forthcoming or as to the terms of any offer," it cautions.

Edited by R K

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£1.7 Bn is only a small fraction of the eu free QE money being printed so Sabadell will be able to easily afford it.

Considering how wrecked the Spanish economy is even if it is also in "recovery" it puts the UK's so called recovery in perspective.

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even with EURGBP as it is, the access to free money from the ECB's QE scheme enables Sabadell - a EUR9bn valued bank to muse a bid for TSB - a EUR2.4bn valued bank

the value of a UK banking licence is not to be underestimated is it!

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"Welcome back to local banking".

Will the next chapter "Being bought by Spain's Sabadell" be with the Hovis music background.

Edited by billybong

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....the new name TSB has nothing at all to do with the old TSB.....it has been reinvented to sell, and sell it must, it could be called any name...TSB died long ago. ;)

Trusted.

Savings.

Bank.

.

Edited by winkie

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£1.7 Bn is only a small fraction of the eu free QE money being printed so Sabadell will be able to easily afford it.

Considering how wrecked the Spanish economy is even if it is also in "recovery" it puts the UK's so called recovery in perspective.

The ever-helpful Mr Carney stated today that ZIRP is forever not just emergencies, as we pretty much knew anyway.

The pound's strength could hold the Bank of England’s hand, and delay increases to interest rates, the central bank's Governor said on Thursday.

Mark Carney, Governor of the Bank of England, said that the “protracted effects of sterling’s strength on the prices facing UK consumers” would continue to drive inflation lower.

Inflation is currently well below the Bank’s 2pc target, and this weakness in price growth could affect “the pace and degree” of changes to the central bank’s interest rates, Mr Carney said.

Speaking at the Advanced Manufacturing Research Centre in Sheffield, Mr Carney said that “there is a risk that the combination of persistently low global inflation and the strength of sterling could weigh on prices here for some time”.

"It'll be all fields around here again when you've finished."

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....the new name TSB has nothing at all to do with the old TSB.....it has been reinvented to sell, and sell it must, it could be called any name...TSB died long ago. ;)

Trusted.

Savings.

Bank.

.

Maybe the new Sabadell Bank will save money and share offices with Santander Bank - both Spanish owned.

Edited by billybong

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Lloyds was paying for TSB to exist - I think it was at least 50% of their revenues came from LTSB. When the Santander and Coop acquisitions halted it was the only thing they could do to get rid of it and avoid being shut-down by the EU. Bet you that all disappears once they get bought out.

And I bet the Spanish bank doesn't have any Spanish property on its books that are under water?...

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Whee! Another few quid paper value in the pension pot there. :D

Ditto.

Taxpayer ripped off again - floated at £2.60, went up to £2.90 immediately then drifted down to £2.50, then back up to £2.60-£2.70.

Less than a year later it is being sold off for £3.40 a share.

Much the same as the Royal Mail which is still over 30% up.

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